March, 8, 2018 Gold Intraday Crash Update

Since the December, 2016 bottom, Gold has created higher lows which is the general accepted pattern that defines a bull market. Gold has finished a correction in early March and is now in another correction, which should not travel to any new low below $1304.  Gold might turn at the $1316 price level, but that remains to be seen. I have mentioned it many times that gold still has to retrace that $1375 price resistance level, and I will stick with that until it happens.

The pattern in the last 6 weeks or so sure looks like a correction, but to confirm it gold must travel above $1375.

Gold’s moves are more dictated by the US dollar when it rallies and declines. As long as the US dollar is still in a bear market, chances are good gold will react the opposite way. Besides the US dollar, the fear of a stock market crash may force a jump into gold.

When gold pushes higher and produces many inverted zigzags, then this will be a signal for yet another correction, but so far that has not been the case. We have about a $10 window to allow gold to still decline, so this would be enough to scare all the gold investors to make panic moves.  I will not fill in many of the previous waves, because this one little correction could fail, and I would have to work a new count anyways.  No gaps below or above present prices have opened up, so that is a good sign.

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